Lending Solutions, Inc. has named Lee Kolquist as its new CEO, replacing interim CEO Mark Johnson. Kolquist has been with LSI in May of 2002 as vice-president of corporate strategy after a 16-year career at Stewart Associates, Inc.-CUNA Mutual Group. Along with Kolquist, Mike Karst has been named VP-systems and technology; Karst had been head of IT at the Stewart Associates Division of the CUNA Mutual Group. Johnson will remain chairman of the company.
In line with broader trends, the GSEs have been putting new limitations on forbearance and putting more of an emphasis on mods.
A new survey found artificial intelligence was a top compliance-related priority for 85% of firms responding, while cybersecurity was only a concern for 37%.
Digital lender Chime and Visa this week became the latest firms to cite AI as part of a downsizing. While bots usually aren't directly replacing workers, machine learning changes customer access to financial products in a way that's increasingly making some work less necessary.
Fincen's Andrea Gacki will join Citi as global head of sanctions, BBVA promoted Gonzalo Rodríguez to chief financial officer, HDFC Bank penalized three senior officials for their role in a controversial deposit arrangement, and more in this week's banking news roundup.
A recipe of no securities, mostly adjustable-rate loans and a cheap rural deposit base made the Texas bank the top performer in the $2 billion-$10 billion asset class.
"Increase Bank is the bank I needed at Stripe," CEO Darragh Buckley said as he announced the rebrand of a community bank he acquired last year.
